Market Overview

Life Insurers Can Implement Facial Analytics without Overhauling Legacy Systems

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SAN JOSE, Calif., April 15, 2019 /PRNewswire-PRWeb/ -- Life insurers have a new shortcut to implementing facial analytics now that two digital disruptors have joined forces.

Sureify, the leading digital platform for life and annuity insurance companies, has partnered with Lapetus Solutions, a science-based AI company that specializes in forecasting life expectancy. While Sureify already offers many customer engagement tools—such as integrating with social media and wearable devices in exchange for rewards and premium discounts—the partnership with Lapetus gives Sureify's carriers access to facial analytics technology.

Chronos, one of the Lapetus platforms now available to Sureify's carriers, allows the user to take a selfie, answer a few short questions and then receive a life expectancy prediction—no medical exams or complicated paperwork needed. Policyholders can then use this prediction to assess their retirement plans.

"This is brand new technology for the life insurance industry," Lapetus Chief Marketing Officer Janet Anderson said. "Insurance carriers are looking for an easy digital platform. They don't want to have to change their legacy systems. Now that Sureify carriers have access to our two key platforms, they can easily test our solutions and see where they make sense."

Life and annuity insurers are just beginning to realize the massive potential of facial analytics technology combined with gamified customer engagement tools for health, wellness, finance, and more.

Picture an individual taking a selfie. Within minutes, the life insurer or annuity provider can:

  • determine whether a policyholder has adequate coverage based on their life expectancy

-generate a quote for a prospect and gain a new customer
-cross-market other products to policyholders without new applications
-give personalized advice on how to improve their health
-renew an annual term product

"Sureify's carriers not only save millions of dollars by avoiding big legacy system overhauls, they get to try emerging technologies through our platform and our growing network of partners," Sureify CEO Dustin Yoder said. "By giving our carriers access to Lapetus facial analytics platforms, our carriers can design financial health tools that are extremely personalized and accurate."

About Sureify
Sureify has built the Lifetime platform, which integrates with life and annuity companies' legacy systems, helping them go to market with white labeled digital solutions that meet their customers where they are today through native mobile and web experiences.
Lifetime's Apply and Buy e-app with real-time automated underwriting, Policyholder Self Service and Engagement, and Carrier/Agent panel analytics products facilitate an end to end digital transformation and provide a world of policyholder data easily accessible and actionable in one place. Lifetime's solutions decrease acquisition costs, drive placement rates higher, reduce lapse churn, and improve persistency which leads to increased CLTV and more cross-sell/upsell revenue.

About Lapetus Solutions
Lapetus Solutions Inc. (LSI) integrates science and technology with machine learning to develop tools and platforms that enable industries relying on life event prediction to reduce and replace their dependence on traditional assessment methods with faster, more cost-effective and increasingly accurate results.

SOURCE Sureify

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